4 points to consider when developing a business strategy

Any business in existence today employs some form of business strategy. For instance when a business decides to offer after sales service as their customer retention program then knowingly or unknowingly the business is engaging a business strategy. The market has continued to change and this has necessitated changes in business strategies. The market is more cutthroat than ever partly because of the internet revolution that has seen information spread like bush fire (make a mistake and everyone knows including your competition). So a strong business strategy is required by all seeking meaningful gains in today’s market place.

Business strategy and what to consider

1.  Competitive advantage- A business has to develop its competitive advantage in order to fend off the competitor’s moves. One can angle at the pricing by going lower than the competition but still remain profitable, go for a niche that is unsatisfactorily serviced by the competition or offer value additions on services and products you deal in.
2.   Rationale- The business has to have the capacity to meet the requirements of the strategy (don’t reduce your prices too much that you incur losses)
3. Feasibility- The company’s budget should be able to meet the financial requirements of the business strategy ( if you can’t do a TV advert check with radio it might cost less)
4.  Stakeholders- it is important to keep everyone in the loop in order to engage in a discussion that will see a better business strategy developed. Engage your stakeholders effectively.

These are some of the key points I decided to highlight for purposes of establishing a business strategy the research continues to include more areas. You can help develop this article even further by engaging me in the comment area.

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